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Daily i-forex-report-27-aug-2013

1.
DAILY IFOREX REPORT
27th
AUG 2013

2.
 ECB Comments Continue To Confuse, But
No Euro Worries
 Dollar Starts Week Mixed as Taper
Speculation Becomes Data-Centric
ASIA/EUROPE FOREX NEWS WRAP
After a strong midweek performance, the US Dollar slumped on
Friday and its woes have continued into the last week of August.
Sparked by a slew of weak housing figures on Friday, the buck’s
downturn has begun at a curious time for markets, given the fact
that last week produced not only the July FOMC Minutes but also
the Jackson Hole Economic Policy Symposium.
Indeed, there is one main takeaway from the fireworks (or lack
thereof) last week: between now and September 19, the next
FOMC meeting, only US economic data will drive market sentiment.
Dovish or hawkish, the commentary was more or less the same
from Fed officials this past week: ‘September would be an
appropriate time to taper if the economic data is strong.’
The first such opportunity to see if US data is moving in the right
direction is today in the form of the Durable Goods Orders report for
July. Durable goods are products with lifespans of three years or
longer (appliances, automobiles, etc), and therefore the report is
viewed as a proxy to consumer confidence and credit.
In light of the recent upswing in financing costs, purchases that
would be aided by lower rates have taken a hit in recent months (as
seen on Friday, housing). We find that the July report should show
no difference from the general trend. The weakness seen in the US
Dollar to start the week reflects positioning for a weaker report; and
a beat here would go a long way to ease sentiment and put favor
back in the buck’s court.
TRADING TIPS
 SELL EURUSD BELOW
1.3380 TGT 1.3360/1.3330
SL 1.3410
 SELL USDJPY ABOVE 98.40
TGT 98.10/97.70 SL 98.80
 SELL GBPUSD BELOW
1.5540 TGT 1.5520/1.5490
SL 1.5570
HEADLINES

14.
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